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I'm new to the forum and I'm looking forward to sharing experiences. I will try to be very active here and help where I can.
first and foremost i would like to say a big thank you to @NexusFX, @cchong and also to everyone else who invested a lot of time testing the lifechangerEA and sharing their most profitable/best settings here.
My business partner and I also spent a lot of time doing tests on the subject of lifechangerEA.
Overall I have nothing more to add here to NexusFX and cchong. To all who are new to dealing with EA's: The experience of NexusFX and cchong is simply a fact! if you do tests yourself for a longer period of time (please please please no backtesting, only demo account or if you are advanced in handling the EA, a live account), you will definitely come to the same conclusion as we did. there will always be a compromise between safety and profit. there is no perfect setup with maximum security and maximum profit. it always depends on what you set your priorities!
a few more thoughts on the way the lifechangerEA works:
I noticed that the bot very often starts to open the first position in zones. support and resistance zones or liquidity zones. i guess that in connection with volume and other indicators he then decides whether he goes long or short. a clearly clear line is not recognizable for me so far.
and here what nexusfx and cchong already meant in relation to: trends that are too large/long without a significant correction make life difficult for this EA and means that the martingale TP cannot be reached, so the drawdown with long-lasting trends is always larger and puts the account under pressure. in the worst case, the account will be blown up.
the same thing happens with high impact news, of course. the price rises or falls very sharply without correction. the bot moves more and more positions and can ultimately break the account because no price correction takes place with which the TP is then reached.
another little information. My business partner and I used the lifechangerEA with XAUUSD, XAUAUD, XAUEUR.
!!Please do not imitate as a beginner, all gold pairs are very volatile and at the moment it is extremely risky to operate the EA with them!! (even with settings primarily based on maximum security rather than profit)
Seems to close some posotions at profit (very small) and carry the remaining open positions at loss (much higher), thus cannot see it able to get ahead and make consistent profits. At this rate, I can see the stage where the carry loss (and drawdown) will be huge compared to closed win trades. Typical of Martingale system. Will leave it running to see how long it takes to blow the (Demo) account!
Seems to close some posotions at profit (very small) and carry the remaining open positions at loss (much higher), thus cannot see it able to get ahead and make consistent profits. At this rate, I can see the stage where the carry loss (and drawdown) will be huge compared to closed win trades. Typical of Martingale system. Will leave it running to see how long it takes to blow the (Demo) account!
Correct me if I'm wrong but, I think mt4 should be the default or original version. Maybe someone else has created a mt5 version later and hence we saw it appeared somewhere online. However, the mt5 version had some missing parameters that the mt4 has and therefore, mt4 is still very much recommended to use instead of mt5.
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